Hundreds of Banks in the US to Offer Crypto Services to Customers

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A recent report by CNBC shows that hundreds of banks in the US will start offering Bitcoin (BTC) exposure to their customers this year, courtesy of a strategic partnership between Fidelity National Information Services (FIS) and the New York Digital Investment Group (NYDIG). Several banks have enrolled to get listed in the program in anticipation of capital movement from bank accounts to cryptocurrency exchanges.

That said, customers of these banks will be able to buy, hold and sell Bitcoin through their bank accounts.

FIS is a vendor to banks with a cumulative customer base of about 300 million checking accounts. Although hundreds of banks have enrolled in the program, Patrick Sells—head of bank solutions at NYDIG—noted that the firm is in talks with some of America’s biggest banks about offering Bitcoin service. The executive noted that:

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships. If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.”

Bigger Banks to Join Soon
The president of NYDIG, Yan Zhao, argued that banks used to avoid dealing with Bitcoin but are now showing interest in the investment vehicle, as customers are moving their funds out of their bank accounts into crypto exchanges. Zhao noted that:

“This is not just the banks thinking that their clients want bitcoin, they are saying ‘We need to do this because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.”

Meanwhile, Rob Lee—head of digital banking at FIS—noted that he expects big banks like JP Morgan Chase & Co. and Bank of America to become pressured to offer crypto investments to their customers given the recent development with banks in the US.

 

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